Mentha oil settled up by 1.71% at 920.5 following rising demand from consuming industries at the spot market. Besides, restricted arrivals from major producing belts of Chandausi in Uttar Pradesh also supported mentha oil prices. Prices seen supported in the anticipation that current year production can slip more that 35% due to lower plantings on falling prices in the last two years.
Technically market is under fresh buying as market has witnessed gain in open interest by 0.44% to settled at 7763 while prices up 15.5 rupee, now Mentha oil is getting support at 910.2 and below same could see a test of 900 level, and resistance is now likely to be seen at 926.3, a move above could see prices testing 932.2.
Trading Ideas:
Mentha oil trading range for the day is 900-932.2.
Mentha oil spot at Sambhal closed at 1047.10 per 1kg. Spot prices is up by Rs.7.80/-.
Mentha oil prices ended with gains following rising demand from consuming industries at the spot market.
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